HECO Breach Sees $86M In Ether, Shiba Inu Vanish: Tron Will Cover Losses, CEO Says
Portfolio Pulse from Murtuza Merchant
The HECO Chain bridge experienced a security breach resulting in the theft of over $86.6 million in cryptocurrencies, including Ether and Shiba Inu. Tron's founder Justin Sun has committed to covering all user losses and has temporarily suspended deposits and withdrawals for investigation. The breach is the second major exploit of a Sun-affiliated project, following a $100 million exploit at Poloniex exchange in November.
November 22, 2023 | 5:52 pm
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Tron's founder Justin Sun has committed to covering all losses from the HECO Chain breach, which may impact investor confidence in Tron.
While the commitment to cover losses could reassure investors and users, the repeated security breaches may raise concerns about the robustness of Tron-affiliated projects. The short-term impact on TRX-USD is uncertain as it could go either way depending on investor sentiment.
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